If you have made the decision to purchase life insurance for your family or your business, you have made a great decision. But there is more to it than just signing on the dotted line. You need to pay close attention to the policy add-ons that insurers offer. In the industry, these add-ons are known as riders. Like a warranty or guarantee for other consumer purchases, riders can give policyholders additional benefits and increase peace of mind - If something goes wrong, there’s a plan B. And while the price may vary, it is still something that should be considered. Here are some riders that you should consider before completing your purchase.
Waiver of premium: This means the insurance company pays your policy’s premiums should you ever become totally disabled. If you overlook this one and become disabled and no longer able to work, how would you afford your premiums? It just makes sense to have this rider.
Guaranteed insurability rider: If you are eligible for this rider, it makes sense to consider it because it allows you to purchase additional coverage in the future without providing evidence of insurability. And no one knows what life holds for our health years down the road.
Term conversion rider: This rider allows you to convert your term life insurance into permanent life insurance without a medical exam. This is attractive for many people, but it can be especially so for young a person who are starting their career and family. A person in this position may need coverage, but doesn’t have the means to purchase permanent insurance. This option allows them to convert their term insurance when their need for permanent insurance makes sense and without additional underwriting.
The decision to buy life insurance is an important one. So make sure you ask all the necessary questions and consider your plan B at the planning table.
If you have any questions give us a call at 800-301-8113 or visit goldcoastlifeinsurance.com
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